Barramundi ASM Presentation 14 October 2022

ANNUAL MEETING
OF SHAREHOLDERS
14 October 2022

Board of Directors
Andy CoupeCarol CampbellDavid McClatchyFiona Oliver
Barramundi Team
Robbie
Urquhart
Snr Portfolio
Manager
Terry Tolich
Snr
Investment
Analyst
Delano
Gallagher
Snr
Investment
Analyst
Wayne Burns
Corporate
Manager

Agenda
•Preliminary matters
•Chair’s Overview
•Manager’s Review
•Q&A
•Annual Meeting Resolutions

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Chair’s Overview

Barramundi’s Investment Objectives
Absolute Returns
Achieve a high real rate of return, comprising both
income and capital growth within acceptable risk
parameters.
Diversified Portfolio
Access to a diversified portfolio of Australian
quality, growth stocks in a single tax-efficient
vehicle.

2022 Overview
Net (loss) / profitDividendNAV per shareShare price
($34.6m)
(2021: $52.3m)
6.68cps
(2021:6.00cps)
$0.64
(2021: $0.87)
$0.77
(2021: $1.10)
Total shareholder
return*
Dividend return #
Adjusted NAV
return*
Share price
premium/
(discount) to
NAV^
-23.5%
(2021: 83.3%)
+7.1%
(2021: +6.6%)
-16.2%
(2021: 37.6%)
21.1%
(2021: 26.7%)
*These metrics are Non-GAAP measures calculated in accordance with the methodology described in the Barramundi Non-GAAP
Financial Information Policy which is available on the Barramundi website.
# Dividend return –how much Barramundi pays out in dividends each year relative to its average share price during the period.
(Dividends paid by Barramundi may include dividends received, interest income, investment gains and/or return of capital).
^Share price premium to NAV (excluding warrants).

*These metrics are Non-GAAP measures calculated in accordance with the methodology described in the
Barramundi Non-GAAP Financial Information Policy which is available on the Barramundi website.
^S&P/ASX 200 Index (hedged 70% to NZD).
Portfolio Performance
For the year
ended
30 June
12 months
3 years
(annualised)
5 years
(annualised)
Adjusted NAV
return*
-16.2%
(2021: +37.6%)
+8.5%+10.6%
Gross
Performance *
-15.3%
(2021: +41.6%)
+10.8%+13.2%
Benchmark
Index^
-5.3%
(2021: 28.1%)
+4.3%+7.5%
2022 Overview -Continued

Earnings Per
Share
20222021202020192018
Basic
Earnings per
Share
(cents)
-13.9924.826.444.4012.99
Diluted
Earnings Per
Share
(cents)
-13.9923.436.424.3712.84
Earnings Per Share

Movements in Shareholders’ Funds
12 Months to 30 June 2022 ($m)

Quarter 1, 2023
30 June –30 September 2022
Net profit
$6.5m
NAV per share
$0.65
Adjusted NAV Return*
+3.9%
Benchmark Index
+1.4%
Share price
$0.71
Total shareholder return*
(6.2%)
*These metrics are Non-GAAP measures calculated in accordance with the methodology described in the
Barramundi Non-GAAP Financial Information Policy which is available on the Barramundi website.

Closing Remarks

Manager’s Review
14October 2022

1979: A ‘year’ of discontent

Equities & interest rates moving in opposite directions
ASX 200 Index 30 June 2021 –30 June 2022

Energy & materials buffered the ASX200 returns in FY22
ASX 200 index fell 5%* over the year to 30 June 2022
*70% hedged into NZ$

A tough year for our portfolio company share prices
*ASX200 Index 70% hedged into NZ$
Performance in FY 2022
-5.3%
-10.2%
0.2%
-15.3%
-30%
-20%
-10%
0%
10%
Benchmark Index*Stock SelectionFXBRM Gross Return
Gross Return NZD (%)
FY22: 30 Jun 21 -30 Jun 22

How our companies have
navigated this environment

What should we expect from our companies?
➢Pricing Power in an inflationary environment?
➢Investing in the future, or freezing?
➢Volatile? Rising? Falling?
(P)
Portfolio
Opportunities
➢Is Barramundi making the most of this environment?
(E & E)
Earnings
Resilience?
(T & P)
Management
Performing?
(S)
Economic
Moat

Ample signs of pricing power across the portfolio
Pop stars of price increases
Then there are the pop stars of Australian price increases: REA,
carsales.comand SEEK which have pushed through annual
price increases for most of the past decade.
(Australian Financial Review: 21 Sept 2022)
Brambles wields pricing power as critical
link in US supply chain
(Australian Financial Review: 17 Aug 2022)

Our companies are investing for growth
Investment in research & development –share of revenues % (FY22)

The COVID environment has made for volatile earnings
Pandemic beneficiaries facing headwinds as lockdowns ease CSL plasma collections fell in lockdowns –rebounded in FY22
Jan-20
Jul-20
Jan-21
Jul-21
Jan-22

Divergent performance across tech companies
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
$0
$200
$400
$600
$800
$1,000
$1,200
FY18FY19FY20FY21FY22
EBITDA Margin (%)
Revenue ($m)
RevenueEBITDA Margin
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
$0
$100
$200
$300
$400
$500
$600
$700
FY18
FY19
FY20
FY21
FY22
EBITDA Margin (%)
Revenue ($m)
Revenue
EBITDA Margin
Rewarded for inflection in profitabilityRe-investment in growth has capped profitability

Portfolio additions and exits
Add:Global leader in the severe and profound hearing-impaired
device market. Cochlear is solving a significant need. Children
receiving implants today will be customers for life
Add:The global leader in manufacturing fibre cement planks for
houses. JHX has decades of growth left in its core US market as
fibre cement displaces other siding products as ageing housing
stock is renovated
Exit:A beneficiary of the pandemic, Sonic’s substantial COVID
related profits are waning. This likely weighs on its profitability
Add:A high quality financial with a 50+yr track record of
unbroken profitability

A balanced blend of companies
HEALTHCARE
FINANCIALS
INFORMATION
TECHNOLOGY
CONSUMER
SERVICES
INDUSTRIALS
CONSUMER
DISCCRETIONARY
CONSUMER
STAPLES
CAR
CARSALES
OML
OOH!MEDIA
REA
REA GROUP
SEK
SEEK LTD
DMP
DOMINO'S
PWH
PWR HOLDINGS
WOW
WOOLWORTHS
AUB
AUB GROUP
ANZ
AUST AND NZ BANKING GROUP
CBA
COMMONWEALTH BANK OF AUSTRALIA
CCP
CREDIT CORP
MQG
MACQUARIE GROUP
NAB
NATIONAL AUSTRALIA BANK
WBC
WESTPAC BANKING CORP
ANN
ANSELL
COH
COCHLEAR
CSL
CSL
NAN
NANOSONICS
RMD
RESMED
JHX
James Hardie
BXB
BRAMBLES
AD8
AUDINATE
FCL
FINEOS
NXT
NEXTDC
WTC
WISETECH
XRO
XERO
CASH
26
positions
Materials

A positive start to the FY23 year
*ASX200 Index 70% hedged into NZ$
Performance in FY23 to date

A challenging global near-term outlook
✓Our companies are performing well operationally
✓Signs that the COVID pandemic supply chain disruptions are easing
✓Australian economy remains in a relatively good position with buoyant commodity prices,
low unemployment, open borders and company balance sheets in good shape
ꓫInflation & Interest rates
ꓫRecessionary concerns
ꓫGeopolitical instability
?Calibrating the pace of tightening monetary policy
?Impact ofrising interest rates on an indebted household sector
Our high quality portfolio companies are well positioned for the longer term

THANK YOU

General Questions from
Shareholders
(not relating to resolutions)

Online Attendees –Voting Process
Shareholder & Proxyholder Voting
Once the voting has been opened, the
resolutions and voting options will allow
voting.
To vote, simply click on the Vote tab,
and select your voting direction from the
options shown on the screen. You can
vote for all resolutions at once or by
each resolution.
Your vote has been cast when the tick
appears. To change your vote, select
‘Change Your Vote’.

Annual Meeting
2022 resolutions

2022 Annual Meeting Resolutions
•Introduce and propose
•Discussion, questions
•Lodge your vote

Matters of Business
•Annual Report
•Resolutions:
–Elect Fiona Oliver
–Auditor remuneration

Resolution 1
Election of Fiona Oliver
To elect Fiona Oliver as a Director of Barramundi Limited

Resolution 2
Auditor Remuneration
That the Board of Directors be authorised to
fix the remuneration of the auditor for the
ensuing year

Conclusion
•Complete and sign voting paper
•Voting papers in the voting boxes
•If you need a voting paper please see Computershare
•Results to NZX

THANK YOU

---

Barramundi Limited
Phone +64 9 489 7074
Private Bag 93502
Takapuna, Auckland

14 October 2022
Barramundi Limited Annual Meeting
Chair’s Address from Andy Coupe
[Slide: Barramundi Limited Annual Meeting of Shareholders]
Welcome to the 16
th
Barramundi annual meeting of shareholders, I’m Andy Coupe, the new Chair of
Barramundi.
Its pleasing to again be able to hold this annual meeting in-person. However we have put in place
the virtual meeting option for those who are unable to attend in-person, and we welcome those
who have joined the meeting via the Computershare virtual meeting platform.
We are duly convened as a Notice of Meeting has been circulated to shareholders and I can confirm
that a quorum is present so I declare the meeting open.
Please note that the exits are at the back and front of the room. Please ensure you turn your cell
phones off or put them on mute.
For those here in-person there will be a light lunch at the conclusion of the meeting. We look
forward to meeting many of you after the meeting.

[Slide: Introductions]
Let me introduce the front table. Firstly the directors. To my right is Carol Campbell (Chair of the
Audit & Risk Committee), next to her is David McClatchy (Chair of the Investment Committee) and
next to him is Fiona Oliver, who is standing for election today.
Next to Fiona is Robbie Urquhart the Barramundi Portfolio Manager, and next to Robbie is Wayne
Burns the Corporate Manager.
Also here today, in the audience, are Senior Investment Analysts Terry Tolich and Delano Gallagher.
We are also pleased to have representatives from our share registrar, Computershare, auditor,
PricewaterhouseCoopers, our tax advisors, Deloitte and our legal advisors, Bell Gully in the audience
today.
I’d also like to acknowledge Carmel and Hugh Fisher who are both here today, and also Alistair Ryan,
our former Chairman, who is also here today.

[Slide: Agenda]
The Agenda for today.
Firstly preliminary matters.
• The minutes of the 2021 annual shareholders’ meeting held on 15 October 2021 are
available at the registration desk and are also available on the Barramundi website.
• The 2022 annual report has been circulated to shareholders shareholders – additional
copies are available at the registration desk and can also be found on the Barramundi
website.

Today I’ll give a brief update on the Barramundi 2022 financial year, and then Barramundi’s Senior
Portfolio Manager, Robbie Urquhart will review the Barramundi portfolio.
After the Manager’s Review, we will have a Q&A session, and we’ll then move to the formal business
of the meeting.
There are two resolutions for you to consider and vote on today, which are set out in the Notice of
Meeting.

[Slide: Online attendees – Question Process]
If you’re attending the meeting online there’s a Q&A icon at the top right of your screen.
To send in a question, please select the Q&A tab on the right half of your screen anytime. Type your
question into the field and press send. Your question will be immediately submitted.
We’ve set aside a time at the end of the two presentations for general questions relating to the
operations and management of the business.
Questions relating to the two resolutions will be dealt with in conjunction with each of the
resolutions.
Should you require any assistance, you can type your query and one of the Computershare team will
assist with the chat function and reply to your query.

[Slide: Chair’s Overview]
It is my pleasure to present the Chair’s Overview at this meeting.

[Slide: Barramundi’s Investment Objective]
As directors, and managers, we typically start our annual meetings with a quick reminder of what we
are here to achieve, being
• to achieve a high real rate of return, comprising both income and capital growth, within
risk parameters acceptable to the directors; and
• to provide access to a diversified portfolio of Australian quality, growth stocks through
a single tax-efficient investment vehicle.

[Slide: 2022 Overview]
I imagine that all shareholders will be aware of the battering that share markets globally have
experienced. The Australian share market was no exception and the Barramundi result over the past
twelve months reflects that.
• Barramundi suffered a net loss of $34.6m. This is in stark contrast to the previous year’s
net profit of $52.3m.
• Total shareholder return was down 23.5%, well down on last year’s record 83.3%
return.
• Barramundi’s regular dividends continued to contribute to the shareholder return with
6.68 cents per share paid in dividends during the 2022 financial year, which is
equivalent to a dividend return, not a dividend yield, of +7.1% (2021: +6.6%). These
returns are calculated based on the average share price for the year.
• The overall NAV per share fell from $0.87 (as at June 2021), to $0.64 as at 30 June 2022.

• The Adjusted NAV return was negative 16.2% for the year, which is the percentage
change in the adjusted NAV for the year.
• The share price to NAV difference remained at a premium, 21.1% as at 30 June 2022, as
compared to the 26.7% premium as at 30 June 2021.

[Slide: 2022 Overview - Continued]
This chart compares the Adjusted NAV return, (the percentage change in the Adjusted NAV), and the
gross performance return (the return before expenses, fees and tax), to the benchmark index return
over the periods of 1, 3 and 5 years.
While Barramundi has underperformed the benchmark in the most recent year, it has outperformed
in the three and five year annualised performance.
Robbie will discuss the Australian sharemarket dynamics and how the portfolio performed shortly in
the Manager’s Review.

[Slide: Earnings Per Share]
This chart shows the earnings, or in the case of this year, the loss per share.
It’s a potent reminder of how variable sharemarket returns can potentially be and the degrees of
volatility that equity markets can experience from time to time

[Slide: Movements in Shareholders’ Funds]
Turning now to Shareholders’ Funds
This chart shows the Barramundi NAV of $186m (as at 30 June 2021) decreased by a net $15m to
$171m (as at 30 June 2022).
The movements during the year as represented by the orange, yellow, green and blue columns
were:
- the $35m net loss,
- less $17m dividends paid, but adding back $6m for dividends reinvested by
shareholders, and
- Add on warrants exercised, new shares issued, of $31m

[Slide: Quarter 1, 2023]
The first quarter of Barramundi’s 2022 financial year has seen continued volatility. Markets rose in
July and August but pulled back in September.
This slide provides a snapshot of the first three months of the current financial year to 30 September
2022:
Barramundi’s unaudited net profit for the three months to 30 September 2022 was $6.5m.
As at 30 September, the NAV per share of $0.65 is up 1 cent per share from the NAV at 30 June of
$0.64 – and that was after the dividend payment of 1.36 cents per share (paid on 23 September).
The share price premium to NAV was 9.7% as at 30 September 2022.
Barramundi’s adjusted NAV return for the first three months of the 2022 financial year was +3.9%,
(the percentage change in the NAV per share). The adjusted NAV return compared favourably to the
benchmark index, which was +1.4% for the three months.

Total shareholder return for the quarter was down 6.2% - driven by the decrease in share price from
$0.77 to $0.71, and adding on the dividend paid in September.

[Slide: Closing Remarks]
Closing remarks
In closing my annual meeting address, and on behalf of the board, I’d like to thank you for your
continued support of Barramundi.
The past twelve months have been very challenging and I don’t doubt the results for this period
were disappointing relative to the experiences of previous periods. However, the investment
strategy of focusing on quality growth stocks, as detailed in the prospectus so many years ago, has
not changed. We remain confident that over the medium term the strategy will bring its rewards.
I will now hand over to Robbie Urquhart, Senior Portfolio Manager of Barramundi.

ENDS